Selling Tips – Avoid these mistakes

1. Avoid basing your asking price on emotions or needs rather than market value. It can be a costly mistake when sellers base their listing price on how much they paid or put into the home. If you overprice your home you risk scaring away quality buyers that may consider the home out of their price range. When making the mistake of listing this way, your home may receive a lot of showings but for reasons that don’t benefit you. The main reason would include buyers/agents using your home as a comparable to sell other more reasonably priced homes. After a while of your home not selling you may need to drastically drop the price just to regain interest in your home, which usually results in the home selling for below market value.

2. Not “staging” or “showcasing” your home is another big mistake. If your property doesn’t look well maintained a potential buyer may instantly think “this house hasn’t been taken care” and “imagine what I can’t see.” Sellers are always better off taking care of these first impression items as the buyer likely can’t judge what the exact cost of the repairs would be and usually over estimate the fix.

3. Making too many improvements or over-improving before selling can be another problem. If you are thinking of selling, be aware that some things are cost effective and some things are unnecessary (wasted $$$). It may be best to consult with your Realtor before making certain upgrades.

4. To go along with the first mistake when deciding between agents you should avoid choosing an agent just because they tell you the highest listing price. An experienced agent will have a solid marketing plan to get market value for your home and not simply tell you what you want to hear.

5. Not seriously considering the first offer is a common and potentially costly mistake. Sellers may think that the first offer will be one of a number of offers and decide to wait it out for a higher price. Contrary may be true, meaning the first buyer could be the best buyer. A home is most attractive early in the marketing period, and buyers will not want to pay as much as time passes.

6. Not knowing your rights and obligations. The contract you sign to sell your property is a complex and legally binding document. An improperly written contract can allow the purchaser to void the sale, or cost you thousands of unnecessary dollars. Have an experienced Realtor fully explain the contract you are about to sign to you, and/or have your lawyer review it before acceptance.

7. Not effectively marketing the property. The right Realtor will utilize a wide variety of marketing activities, emphasizing the ones believed to work best for your home. These include open houses, print ads, internet ads, the for sale sign, website features and more.